FINANCE TRAINING YEAR END PROCEDURES. DEADLINES!!!!! July 31 – IT request for computers July 31 – IT request for computers August 7 – PO’s for computers.

Similar presentations

Presentation on theme: "FINANCE TRAINING YEAR END PROCEDURES. DEADLINES!!!!! July 31 – IT request for computers July 31 – IT request for computers August 7 – PO’s for computers."— Presentation transcript:

1
FINANCE TRAINING YEAR END PROCEDURES

2
DEADLINES!!!!! July 31 – IT request for computers July 31 – IT request for computers August 7 – PO’s for computers August 7 – PO’s for computers September 15 – last day for regular PO’s September 15 – last day for regular PO’s September 18 – last day for print shop, postage, telephone September 18 – last day for print shop, postage, telephone September 30 – everything else September 30 – everything else

3
SEPTEMBER 30TH Last day to make budget changes Last day to make budget changes Cash receipts in by 2:00 pm Cash receipts in by 2:00 pm Purchase paperwork by Noon Purchase paperwork by Noon Completed travel by Noon Completed travel by Noon PO’s ≥ $25.01 will roll to FY 2010 PO’s ≥ $25.01 will roll to FY 2010

5
The Matching Principle Accounting rule! Accounting rule! Expense is recorded in the year goods are received Expense is recorded in the year goods are received Accruals = expense before cash Accruals = expense before cash Prepays = cash before expense Prepays = cash before expense

7
Items Received – Not Invoiced ACCRUAL Send signed receiving copy to AP Send signed receiving copy to AP “FY09 Accrual” in transaction history “FY09 Accrual” in transaction history Reversed in October Reversed in October Paid when invoice is received Paid when invoice is received Only effect on FY10 budget is if invoice > PO Only effect on FY10 budget is if invoice > PO

12
Paper Requisition Form Show FY10 Purchase on top Show FY10 Purchase on top Must be completely filled out: Must be completely filled out: Ship to – know what yours is Ship to – know what yours is Vendor # - use FTMVEND Vendor # - use FTMVEND Complete FOAP Complete FOAP Supporting documents Supporting documents